Strategic Sale of 625 Broadway in NoLIta, Manhattan
Bob Knakal successfully facilitated the sale of 625 Broadway, a prime office and retail property located in the heart of NoLIta. The property was owned by Bruce Rubenstein and sold for $60,900,000 to a confidential investor. Through diligent market analysis and strategic positioning, Bob achieved an impressive sale price and favorable terms for the seller.
Sale Details
The sale of 625 Broadway closed on May 31, 2007, at a price of $60.9 million. Bob’s meticulous handling of the transaction ensured that Bruce received the best possible terms. The deal was executed at an outstanding price of $771.30 per square foot, reflecting the high demand for properties in the sought-after NoLIta neighborhood.
- Sale Price: $60,900,000
- Seller: Bruce Rubenstein
- Buyer: Confidential Investor
- Seller Type: Property Owner
- Property Type: Office, Retail
- Sale Date: May 31, 2007
- Property Address: 625 Broadway, New York, NY
- Building Size: 78,958 SF
- Price per SF: $771.30
Property Overview
625 Broadway, a landmark property in the NoLIta neighborhood, offers a rare combination of office and retail space, making it an attractive investment for a range of potential buyers. The building's prime location near trendy boutiques and restaurants made it a sought-after opportunity in the dynamic Manhattan real estate market.
- Full Address: 625 Broadway, New York, NY 10012
- Asset Class: Office, Retail
- Neighborhood: NoLIta, Manhattan
- Building Size: 78,958 SF
The Client: A Property Owner Seeking Expert Guidance
Bruce Rubenstein, an experienced property owner, had long trusted Bob Knakal for market updates and strategic advice. With Bob’s insight into the NoLIta area, Bruce was able to capitalize on the high demand for mixed-use spaces in the neighborhood. Bob’s involvement from start to finish ensured the property was positioned to attract top-tier buyers.
Market Strategy and Negotiation
Bob’s deep understanding of the NoLIta market and his network of potential investors played a crucial role in achieving the sale at a premium price. Through strategic outreach and expert negotiation, Bob was able to secure a buyer who recognized the value of the property and its location.
Neighborhood Overview: NoLIta
NoLIta, known for its vibrant arts scene and trendy boutiques, continues to be one of Manhattan's most coveted neighborhoods. Its proximity to SoHo, Greenwich Village, and the Lower East Side makes it a prime location for both commercial and residential developments.
- Location Benefits:some text
- Close proximity to key Manhattan neighborhoods: SoHo, Greenwich Village, Lower East Side.
- Vibrant retail and cultural scene attracting investors.
Conclusion
The sale of 625 Broadway highlights Bob Knakal’s dedication to securing maximum value for his clients. By leveraging his expertise in the NoLIta market and maintaining a close relationship with the seller, Bob was able to exceed expectations and deliver an outstanding result.
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